IFC APPROVES US$6 MILLION LOAN FOR KENYA'S TOURISM SECTOR

Amy Conran
(202) 473-9119

WASHINGTON, D.C., Nov. 22 -- The International
Finance Corporation (IFC) has approved a loan of US$6 million to help finance
the refurbishment of the Nairobi Hilton Hotel in Nairobi, Kenya. IFC has
also assisted technically in the project design. International Hotels (Kenya)
Limited, the owner of the hotel, is a joint venture between Hilton International,
Kenya Tourism Development Corporation, and El Al Israeli Airlines. The
refurbishment project includes upgrading all rooms; remodeling the lobby,
restaurants, and function rooms; and improving safety and evacuation facilities.
The total cost of the project is US$12 million. Hilton International will
provide a subordinated loan of US$4 million, and the remaining funds will
come from International Hotels' cash flow. "Nairobi's city center
hotels are central to the effective functioning of foreign trade and investment
as they provide key services for visiting executives as well as world-class
accommodations for tourists," said Tei Mante, Director of IFC's Sub-Sa
haran Africa Department. "IFC's technical assistance with the project
design has enabled the Nairobi Hilton to meet today's improved life safety
standards." IFC, a member of the World Bank Group, is the largest
multilateral source of equity and loan financing for private sector projects
in developing countries.